KEXIM raises US$121 million for energy & infra funds

Korea Eximbank (KEXIM), the Export-Import Bank of Korea, has raised W132.5 billion (US$120.4 million) for energy and infrastructure funds.

KEXIM has provided W30 billion (US$27.3 million), Shinhan Bank and Korea Investment & Securities have co-invested about W20 billion and mutual aid associations such as the Korea Scientists and Engineers Mutual-aid Association and the Military Mutual Aid Association have co-invested about W30 billion.

The energy and infrastructure funds will be focused on:

• quota participation of the domestic businesses,
• import and export of key resources,
• energy infrastructure projects and
• construction and management of infrastructure.

This announcement comes after KEXIM invested W92.5 billion in 2014 in global energy, infrastructure, the overseas expansion of small and medium-sized companies, and the export of medical services.

KEXIM manages the Economic Development Cooperation Fund (EDCF), which evaluates and implements aid projects in developing countries and the Inter-Korean Cooperation Fund (IKCF), which oversees an economic cooperation program with North Korea and serves as a clearing settlement bank with the Foreign Trade Bank of North Korea.